By Enyichukwu Enemanna
The International Monetary Fund (IMF) has approved a $1.3bn (£1bn) loan to assist Morocco improve its preparedness against natural disasters arising from climate change.
The North African country had requested funds from the IMF’s new trust well before the devastating earthquake that struck Morocco’s High Atlas Mountains on 8 September, killing more than 2,900 people, Reuters said in a report.
IMF Director Kristalina Georgieva first hinted about the loan earlier this month, noting that the board would review a staff-level agreement with Morocco later in the month.
The IMF said the arrangement “will help Morocco address climate vulnerabilities, bolster its resilience against climate change, and seize the opportunities from decarbonisation.”
It said the funds would also help the Moroccan authorities strengthen preparedness for natural catastrophes and stimulate financing for sustainable development.
The 18-month loan arrangement would help Morocco’s transition to a greener economy – by tackling “climate vulnerabilities”, “resilience against climate change”, and seizing “opportunities from decarbonisation”, IMF stated further.
Approval for the fund comes weeks before Morocco hosts the annual IMF and World Bank meetings, in Marrakech from 9-15 October.
Some Moroccans have criticised the government for its handling of the 8 September earthquake in the High Atlas mountains, calling the response slow and disorganised.
